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I often like to compare compliance to having a driveway in the middle of an Iowa winter. The snow falls from the sky and you have to get bundled up and spend your afternoon shoveling out, only to wake up the next day and find that the wind has covered it with snow yet again. Sometimes you probably think “forget shoveling, I am just going to pretend it isn’t there.” That’s all fine and dandy until you get stuck, or the city slaps you with a fine for snow covered sidewalks.
So keep up on your compliance shoveling, but more importantly keep your eye on the forecasts. And if you get buried, give us a call; we have plenty of options to help plow you out.
Here is something to add to your compliance forecast:
The NCUA Board released a proposed rule that would revise certain provisions of the NCUA official advertising rule, located here. Below are a few key points:
1) The rule would require the advertising statement to be included in all radio and television advertisements. Previously, radio and television advertisements under 30 seconds were exempt.
2) The rule would require the advertising statement to be presented on annual reports and other statements of condition required to be published by law.
3) The rule plans to clarify that the font size for the advertising statement should not be smaller than the font size used in other parts of the advertisement, which are used to convey information to the consumer.
4) The rule would also clarify the definition of “advertisement.”
Remember to keep this on your radar, as the comment period ends February 28, 2011.
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